Before your federal student loan eligibility can be determined you must complete a Free Application for Federal Student Aid (FAFSA). Your financial need is determined by the results of the FAFSA. Based on these results, eligible students are subsequently awarded loans.

How much federal loan funding is available?
Award amounts vary and depend upon your financial need (as determined by the federal government), grade level, and dependency status.

Aggregate Loan Limits

We are pleased to announce we have established a partnership with Inceptia to expedite the verification process for AUM Verification Gateway (VG) from Inceptia is an online portal to guide students and parents through verification.

Typically, financial aid is awarded for the academic year, which includes fall and spring semesters. Summer financial aid is based on remaining eligibility, if any, from the academic year. In other words, if you use all your available grants and/or student loans during the academic year, you will most likely not have eligibility for the summer term.

Federal law limits annual loan amounts. This means that you may not borrow more than your annual maximum during the fall, spring, and summer terms combined. If you borrow your maximum for fall and spring, you will not have any funds available for summer.

Summer financial aid will be awarded based on enrolled hours. All students need to complete the Summer Request Form to be considered for summer aid.

Students must be enrolled for a total of at least 6 hours for the summer term before summer financial aid will be awarded.

Yes, you must apply each year to renew your financial aid. The best way is to apply electronically. This method is faster and more accurate — logic errors are rare, thanks to verification editing programmed throughout the electronic form.

After January 1 but before March 1, review your renewal FAFSA record on the ED web site and revise the information to reflect your income for the preceding year (and other information only if it has changed) and send the application electronically. Be sure to specify Auburn University at Montgomery’s school code 008310 as a recipient of your information. It is not necessary to complete a paper FAFSA if you correctly complete the Renewal FAFSA.

Students are strongly encouraged to apply electronically. Paper FAFSA applications are extremely limited.

When your FAFSA is processed, the Federal Processor will notify you by email. If you have a PIN number, you will be able to view your SAR on the FAFSA website. You will receive a paper SAR only if your email address is not provided on the FAFSA.

Regardless of the method you use, remember that the U.S. Department of Education must receive your FAFSA information no later than March 1 in order to be considered for priority need-based funding. If you have not filed your tax returns by March 1, you can use estimated information on the FAFSA but you must later correct this data on your SAR. Please make every effort to apply on time so that you are considered for all types of available aid. If you miss the priority application date (March 1) you may still apply, but some aid may not be available.

Yes, you can reject all or part of your loan. It will not affect the loan amount that you are offered for the next academic year.

Federal grants and loans are disbursed for the current enrollment period and are credited to the student’s billing account to cover charges associated with that term.

Federal Title IV financial aid programs, including Pell Grants and Direct Loans, are generally required to be applied to the term in which a student is currently enrolled and eligible. Federal regulations require schools to disburse aid based on the actual costs incurred during that specific payment period, meaning those funds are intended to cover current-term expenses such as tuition and fees. As a result, federal aid typically cannot be used to pay outstanding balances from prior completed terms. Students with outstanding balances should work with the Office of Student Accounts to discuss available options for resolving those charges.

Financial aid refunds are administered by Office of Student Accounts. Keep in mind that funds are disbursed beginning the second week of each term, and continue on a rolling basis thereafter.

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Scholarships, grants, and any other educational funds awarded from departments and/or agencies outside the Financial Aid Office are known as outside resources. Report additional resources to our office via the Outside Resource tab on Warhawk Self Service. Outside resources could affect your financial aid award.

Below is a list of examples; report these types of awards:

The Federal Parent Loan for Undergraduate Students (PLUS) is not based on financial need and is limited to a parent borrower for a dependent student. A parent is currently defined as a person’s natural or adoptive mother or father, step-parent, or legal guardian. The annual limit is equal to the student’s cost of attendance, as defined by Auburn University at Montgomery, minus any other financial aid the student is receiving. Parents are required to pass a credit check. The interest is variable, adjusted each year on July 1, but will not exceed 9 percent. Interested parents should print, complete, and submit the Federal Direct PLUS Loan Request Form.

Alternative loans are private (non-federal) loans. The terms vary widely, as do the eligibility criteria.

You (and your co-borrower, if applicable) should carefully research the options and apply for the alternative loan that best suits your needs. Keep in mind that usually your best option is to pursue federal loans. Be sure you have applied for all of the federal loans you are eligible for before you consider private loans. If you do wish to take out a private educational loan, you need to provide any documentation requested by the sponsor of the loan and follow the application procedure that is specific to that loan and that lender.

AUM does not maintain a preferred lender list, but rather utilizes a historical list that dates back 3 calendar years. While you can use this list as a starting place to research lenders, you have the right to use any lender of your choice, even if they are not included on our list. Please see our historical lender list here: ELMSelect – Auburn University at Montgomery (AUM).

In most cases, the Office of Financial Aid must certify your alternative loan. Our office certifies that you are enrolled in school, that the loan you requested is within the allowable Cost of Attendance established by AUM, and that you meet any lender-specific eligibility requirements.

Example 1: A student with an $11,500 cost of attendance who has received $5,500 in financial aid (grants, scholarships, loans, etc.) has $6,000 in remaining eligibility that could be funded through an alternative loan. Our office could certify an alternative loan application for the student’s requested amount, not to exceed $6,000.

Example 2: A student with an $11,500 cost of attendance who has received $11,500 in financial aid (grants, scholarships, loans, VA benefits, etc.) has no remaining eligibility. Our office could not certify an alternative loan application for this student.

If you have any questions about your remaining loan eligibility, please contact our office.